Trading Signals going wrong

Beginner Questions
1

Hi There.

My name is Rupert. Im new to trading , started 2 months ago where ive blown my first deposit($2460) in less then those 2 months. Ive been investigating why that happened. As a newbie, i follwed the signals that was sent out by my broker. What i noticed is that 95% of those signal went the opposite direction. I usually had lots on the trades between 0.50 - $2 . Anyway, i just wanted to know if it was intentionally done by the broker to make us lose money or just poor research analysis. The other day 14 Sept when the GBP shot up after the 1.32 resistance break, the broker sent out 2 signals to sell GBP/JPY & BGP/USD., and this just after the BOE announcements. Luckily i did my own research and investigation on wot the markets will do after BOE speech, which was obviously upwards all the way for the pound sterling. I actually wrote an email to the customer care to state my concern about this specific person sending out the signals, and i also mentioned that it raises BIG trust issues and Suspicion towards them.

Then this person who is sending out the signals replied; said it is totally up to me whether i wanna make use of the signals or not. My problem is, why do they have a signal app for us as traders in the 1st place. And im not the only person complaining about this person sending out the wrong signals to tje traders, there is others as well. They even asked to replace him/her.

What is your view on this? Please if u have any info that can help regarding what ive just said, will be highly appreciated.

Thank you

2

I’ve never used/seen a signal from these services. What do you get? - Is it just a BUY THIS NOW alert or do they give some TA or FA reasoning to support their recommendation?

3

Do not trust any source of signal…do your own analysis firsts…and make trades!!!

4

They do give their analysis, and reasons why. But i really dont trust my broker anymore. I told them that. Sorry for the late reply

5

Obvious shady broker… stay away from them. Up to date, my experience tells me that the only person i can trust in trading is myself.

Everyone have a weakspot. Mine was the tilt issue. Whereby i will go on a destructive streak when the button pushed.

In trading, the really profitable trader doesn’t need to teach for a living at all. They can just make a living trading it.

Everybody develop different style of trading over time. Even using similar method, the stops and targets projection can sometime be completely different.

One example, was 1st september, i phone my mentor to seek advice on my EURAUD. I was initially short and was aiming for a long shot. He told me 1.50201 is a resistance. When the resistance was breach,my position closed. I quickly open another long order. Guess what? EURAUD crash.

I was too tired and lazy to think or even analyse the chart again. I just took his words as gospel truth. I forgot he was a super scalper who does trading fulltime. He’s a retired personnel. I was looking at EURAUD from a larger perspective. But he was looking at it from a smaller timeframe perspective. I’m working full time, and is impossible to for me to monitor the market at all times.

I was out of the forex contest for the month of september on the 1st day. I never blame him because he was extremely generous to impart all his 20 odd years of trading forex knowledge to me for free. If fact, i couldn’t be more grateful. He gave me chance for redemption. A chance to make my mark in the world

From time to time, i still visit him to discuss about forex. Forex education seems like never ending. I’m always exploring new methodology to trade forex and constantly ask him for his opinion. Some people really have talent. I was fortunate enough to met him thru playing chinese chess.

Even under the tutelage of a retired chief trader of some bank. It took me about 5 years before i seemingly become more consistently profitable.

Trading is not easy. Believe me. The practice time required is enormous. I can sense that i do not have my mentor’s talent for observing chart and concoct up strategy that actually work. To understand but unable to execute is so sad.

I’m not giving up. My agenda here is to show the world that i’m the best trader there is in this world ultimately. And probably leave this world as a legendary trader.

PS : The sudden appearance of Adnan in the forum really inspired me to challenge him. Let’s see who is better.

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